S&P/TSX composite down as energy and base metal stocks fall, U.S. stocks mixed
By The Canadian Press on June 22nd, 2023
TORONTO – Canada’s main stock index was down more than 150 points in late-morning trading as the price of oil fell below US$70 a barrel and losses in the energy and base metal stocks weighed on the Toronto market. The S&P/TSX composite index was down 157.16 points at 19,548.79. In New York, the Dow Jones ... Read More »
Be the first to comment!Government benefits helped lower-income households afford rising cost of living: PBO
By The Canadian Press on June 22nd, 2023
OTTAWA – The parliamentary budget officer says lower-income households maintained their purchasing power despite high inflation with help from government benefits. A new PBO report today analyzes how the purchasing power of households at different income levels changed between the final quarters of 2019 and 2022. The report says all households saw an increase in ... Read More »
Be the first to comment!Home sales inch up in May amid record-low inventory and biggest annual drop in prices since 2011
By Alex Veiga, The Associated Press on June 22nd, 2023
LOS ANGELES (AP) – Sales of previously occupied U.S. homes edged higher in May and the national median sale price posted its biggest annual drop in more than a decade, even as the supply of available properties sank to an all-time low. Existing home sales rose 0.2% last month from April to a seasonally adjusted ... Read More »
Be the first to comment!Deloitte study suggests Canadians lack trust in brands’ sustainability claims
By Sammy Hudes, The Canadian Press on June 22nd, 2023
While most consumers believe in rewarding companies that accurately deliver on sustainability promises, a new study suggests their trust is lacking in the “green” claims made by brands. The report released Thursday by Deloitte Canada on creating value from sustainable products said Canadians expect sustainable buying options and crave transparency with respect to the claims ... Read More »
Be the first to comment!Stock market today: Wall Street follows global markets lower after more rate hikes
By Yuri Kageyama And Matt Ott, The Associated Press on June 22nd, 2023
NEW YORK (AP) – Wall Street followed global markets lower early Thursday as countries around the world cranked up interest rates one day after Federal Reserve Chair Jerome Powell told Congress he believes inflation still isn’t under control. The S&P 500 was down 0.3% shortly after the opening bell. The Nasdaq was off 0.2% and ... Read More »
Be the first to comment!Weekly US applications for unemployment aid remain relatively elevated
By Matt Ott, The Associated Press on June 22nd, 2023
The number of Americans applying for unemployment benefits remained relatively elevated last week, potentially another signal that Federal Reserve rate hikes are beginning to cool a surprisingly resilient labor market. U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported ... Read More »
Be the first to comment!UK recession fears mount after Bank of England hikes borrowing rates by more than expected
By Pan Pylas, The Associated Press on June 22nd, 2023
LONDON (AP) – Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers hard, particularly homeowners who have to refinance in the coming months. On a busy day ... Read More »
Be the first to comment!Weekly US applications for unemployment aid remain elevated
By Matt Ott, The Associated Press on June 22nd, 2023
The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s rate hikes are beginning to cool a surprisingly resilient labor market. U.S. applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week’s revised number, the Labor Department reported ... Read More »
Be the first to comment!Empire Company reports Q4 profit up from year ago, raises dividend
By The Canadian Press on June 22nd, 2023
STELLARTON, N.S. – Empire Company Ltd. raised its quarterly dividend as it reported its fourth-quarter profit rose compared with a year ago. The grocery retailer, which owns Sobeys and Safeway as well as other banners, says it will now pay a quarterly dividend of 18.25 cents per share, up from 16.5 cents per share. Empire ... Read More »
Be the first to comment!Bank of England rate hike is bigger than expected. That means pain for borrowers
By Pan Pylas, The Associated Press on June 22nd, 2023
LONDON (AP) – The Bank of England raised borrowing costs Thursday by more than anticipated as it seeks to combat stubbornly high inflation, a move that will hit borrowers hard. In a statement, the bank said its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a ... Read More »
Be the first to comment!Turkey’s central bank sharply raises interest rates. That could signal an economic turnaround
By Suzan Fraser And Ayse Wieting, The Associated Press on June 22nd, 2023
ANKARA, Turkey (AP) – The Turkish central bank has delivered a large interest rate increase, signaling a shift toward more conventional economic policies to counter sky-high inflation. The bank on Thursday raised its key rate by 6.5 percentage points, boosting it to 15%. The increase – a significant jump from the current 8.5% – is ... Read More »
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